Application of Funds (August 2007)

Any and all payments that are received on behalf of the Association, either by the office of management or by the lockbox of the Association’s banking institution be applied as follows;

Funds will first pay late fees, violation fines, attorney fees, damages/repair costs, and/or any other costs, with the exception of maintenance fees, that may be due on an account at the time payment is received. The remaining balance of funds will then be applied to any maintenance assessment that is currently due on an account.